ProAssurance Corporation (NYSE:PRA) to Post Q3 2017 Earnings of $0.53 Per Share, SunTrust Banks Forecasts
ProAssurance Corporation (NYSE:PRA) – Research analysts at SunTrust Banks dropped their Q3 2017 earnings per share estimates for shares of ProAssurance Corporation in a report issued on Tuesday. SunTrust Banks analyst M. Hughes now forecasts that the insurance provider will earn $0.53 per share for the quarter, down from their previous estimate of $0.63. SunTrust Banks also issued estimates for ProAssurance Corporation’s Q4 2017 earnings at $0.60 EPS, Q1 2018 earnings at $0.54 EPS and Q2 2018 earnings at $0.53 EPS.
A number of other equities research analysts also recently issued reports on PRA. BidaskClub downgraded ProAssurance Corporation from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Boenning Scattergood restated a “hold” rating on shares of ProAssurance Corporation in a research report on Tuesday, August 1st. Zacks Investment Research downgraded ProAssurance Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. Finally, Keefe, Bruyette & Woods assumed coverage on ProAssurance Corporation in a research report on Monday, July 17th. They set a “market perform” rating and a $61.00 price objective on the stock. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. ProAssurance Corporation presently has a consensus rating of “Hold” and a consensus target price of $63.33.
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ProAssurance Corporation (NYSE PRA) opened at 55.35 on Thursday. ProAssurance Corporation has a 52-week low of $50.50 and a 52-week high of $63.53. The company has a market capitalization of $2.96 billion, a price-to-earnings ratio of 17.09 and a beta of 0.51. The company’s 50-day moving average price is $60.14 and its 200 day moving average price is $59.26.
ProAssurance Corporation (NYSE:PRA) last posted its quarterly earnings results on Monday, August 7th. The insurance provider reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.01. ProAssurance Corporation had a return on equity of 6.59% and a net margin of 16.80%. The business had revenue of $205.58 million for the quarter, compared to analyst estimates of $207.14 million. During the same period last year, the company earned $0.67 EPS. ProAssurance Corporation’s revenue for the quarter was down 4.3% compared to the same quarter last year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 12th. Stockholders of record on Tuesday, June 27th were issued a $0.31 dividend. The ex-dividend date was Friday, June 23rd. This represents a $1.24 annualized dividend and a dividend yield of 2.24%. ProAssurance Corporation’s payout ratio is 44.60%.
In other news, insider Edward Lewis Rand, Jr. sold 13,845 shares of the stock in a transaction that occurred on Wednesday, June 28th. The stock was sold at an average price of $60.41, for a total value of $836,376.45. Following the sale, the insider now directly owns 117,079 shares in the company, valued at $7,072,742.39. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Howard H. Friedman purchased 2,000 shares of ProAssurance Corporation stock in a transaction dated Wednesday, August 9th. The stock was acquired at an average price of $55.00 per share, for a total transaction of $110,000.00. Following the completion of the acquisition, the insider now owns 259,573 shares of the company’s stock, valued at approximately $14,276,515. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 28,000 shares of company stock worth $1,703,438. Company insiders own 1.80% of the company’s stock.
Large investors have recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of ProAssurance Corporation by 23,830.8% in the first quarter. BlackRock Inc. now owns 5,194,417 shares of the insurance provider’s stock valued at $312,963,000 after buying an additional 5,172,711 shares during the last quarter. FMR LLC increased its stake in shares of ProAssurance Corporation by 17.7% in the first quarter. FMR LLC now owns 2,082,159 shares of the insurance provider’s stock valued at $125,450,000 after buying an additional 313,514 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of ProAssurance Corporation by 5.5% in the first quarter. Vanguard Group Inc. now owns 5,000,763 shares of the insurance provider’s stock valued at $301,296,000 after buying an additional 258,955 shares during the last quarter. Epoch Investment Partners Inc. increased its stake in shares of ProAssurance Corporation by 151.8% in the first quarter. Epoch Investment Partners Inc. now owns 298,849 shares of the insurance provider’s stock valued at $18,005,000 after buying an additional 180,151 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its stake in shares of ProAssurance Corporation by 54.8% in the second quarter. Robeco Institutional Asset Management B.V. now owns 470,404 shares of the insurance provider’s stock valued at $28,600,000 after buying an additional 166,561 shares during the last quarter. Hedge funds and other institutional investors own 81.67% of the company’s stock.
About ProAssurance Corporation
ProAssurance Corporation (ProAssurance) is a holding company for property and casualty insurance companies. The Company provides professional liability insurance for healthcare professionals and facilities, professional liability insurance for attorneys, liability insurance for medical technology and life sciences risks, and workers’ compensation insurance.
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